BlockBeats message, April 2, according to Cointelegraph, the governor of the U.S. state of Alabama signed the “Decentralized Unincorporated Nonprofit Association Act,” becoming the second state to grant DAOs legal status after Wyoming. The bill provides DAOs with legal status and limited liability protection, enabling them to have full corporate entity standing—able to own property, sue and be sued, and enter into contracts—while sparing individual members and managers from personal liability. Eligibility requirements state that a DAO must have at least 100 members and be formed for a shared charitable nonprofit purpose (such as governing a blockchain network or a smart contract system).
a16z Crypto policy chief said that decentralized governance is at the core of the crypto future, and that this bill gives decentralized communities the certainty to build, govern, and scale in the real world. A similar bill in West Virginia has passed the House of Representatives and is awaiting the governor’s signature.
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